STRUKTUR MODAL OPTIMAL DALAM MENGHASILKAN LABA UNTUK USAHA KECIL MENENGAH DI KOTA MALANG

Abstract

This study aims to find out more about the policy of the existing capital structure at the Small and Medium Enterprises (SMEs), the influence of the ratio of debt to assets, the ratio of sales to assets, the loan term to the benefit of business, types of financial institutions, and the loan term to profitability which measures the continuity of their business. This study is a combination of quantitative research by using statistical tests. and also the qualitative research through general least square (GLS) to test the variable sales to total assets and the ratio of debt to total assets. The object of research is SMEs spread across the city of Malang by viewing the source of funding and the type of financial institution that is accessible related to profitability. The sample selection using purposive sampling technique with the SME population in the city of Malang, gained as much as 62 SMEs as the sample population of data collected so far by 16 SMEs. The sample is an SME that is included in the population sample that met the selection criteria. Result analysis to model shows that the profitability of SMEs in Malang influenced by the explanatory variables used in the capital structure research by 74.20% and the only range of approximately 25% is influenced by other factors.